I removed the fees settings because they were getting too complicated. In a later version I will combine the fees into one setting that will be expressed as a percentage. I already have another request where several users are asking for fees to be expressed as a percentage of the transacted amount, so this will have to happen first.

Since you are running a WooCommerce site, you should be earning funds by selling products, not by setting fees on transactions. The fee is mainly to cover blockchain fees.

Like I said, this adapter is in beta so expect more changes soon.

regards,
Alex

Hello,

When is set a transaction fee in coinpayments adapter in my wp admin.
How do i get these fees, does the owner earn some money with it?
because in your youtube video in setting this dashed slug plugin, he said that this will make you money.

Can you please be clear?

Hi,

When a user of my website sends some coins, and pays the fee is set.
Where will this fee go to, do i need to set a adress, or dont i get these funds?

You do not need to have a bank account or a paypal account. You do need to setup a wallet, either a cloud wallet or one of the full node wallets, and to connect it to the plugin via a coin adapter. All of this is detailed in the documentation and website.

To earn cryptocurrencies you do the same things you do to earn other kinds of money: provide goods and services that people want or need.

Via this website I provide access to WordPress software that does specific things with cryptocurrencies, but it is up to you to figure out which ones can help you in your business. For example, if you have setup a shop using the WooCommerce extension, you can use the WooCommerce payment gateway to enable cryptocurrency payments, or if you want to pay microtransactions to encourage recurring traffic you could set up a faucet. These are all app extensions that provide functionality on top of wallets.

I would suggest that you do not start with the question “How do I earn coins?” but with the question “What goods or services can I provide that people value?”. Cryptocurrencies, just like all forms of money, are tools that can help you grow your business, they are not a business in themselves.

To answer your previous question, when fees are paid by users they are deducted from their balance. The actual coins (minus any miner fees) remain on the site’s wallet, they are not added to any of the user accounts. You always have access to the master wallet(s) for the site and the coins are always yours.

For each coin that you have online, there is a wallet backing it. This is either a full node or a cloud wallet. This wallet has a balance on it, which is how many coins are actually available on the site. The plugin then keeps a record of user balances and uses this master wallet to store the coins, to receive new coins, and to withdraw coins to external addresses. Perhaps all this is more clear with an example:

Say you have a new master wallet with 0 coins.

Then user A deposits 10 coins. There are 10 coins on the master wallet and they all belong to user A.

Now user A transfers 2 coins to user B. Now user A has 8 coins, and user B has 2 coins minus whatever the fees are. Your master wallet still has 10 coins. And the fees are in the master wallet that you control.

Now suppose you go to the cold storage section and withdraw 5 coins to a hardware wallet. Now user A still has 8 coins, user B has a bit less than 2 coins, and the master wallet has a balance of 5 coins. User B can withdraw their entire balance, but user A cannot. This is why you need to keep track of the percentage of user balances that is online. You do not want users to not be able to withdraw their coins, but you do not want to have the entire balance online either, because you don’t want to put all your eggs in one basket, security-wise. It’s a trade-off.

Hope this is more clear?